Silver Elephant Delivers 836,243 Oz Silver Since October 2023, Plans Expansion by Year End
Silver Elephant Mining Corp. (SILEF) reported significant progress in its Paca silver project in Bolivia. The company mined 27,066 tonnes of Paca oxide materials in July 2024, with an average grade of 175.5 g/t silver. Since October 2023, Silver Elephant has mined and shipped over 154,800 tonnes of silver-bearing oxide materials, grading 177.4 g/t silver, producing a total of 836,243 oz silver in the past 9 months.
The company plans to expand operations with Paca phase one sulphide mining by year-end. Silver Elephant expects to receive US$2.5 million before January 31, 2025, from its agreement with Andean Precious Metals Corp. The Paca project hosts a high-grade silver resource, with indicated oxide resources of 800,000 tonnes at 231 g/t silver and indicated sulfide resources of 1,810,000 tonnes at 256 g/t silver.
Silver Elephant Mining Corp. (SILEF) ha riportato risultati significativi nel suo progetto argento Paca in Bolivia. L'azienda ha estratto 27.066 tonnellate di materiali ossidati Paca nel luglio 2024, con un tenore medio di 175,5 g/t di argento. Dall'ottobre 2023, Silver Elephant ha estratto e spedito oltre 154.800 tonnellate di materiali ossidati contenenti argento, con un tenore di 177,4 g/t di argento, producendo un totale di 836.243 oz di argento negli ultimi 9 mesi.
L'azienda prevede di ampliare le operazioni con l'estrazione di minerali solfurei della fase uno di Paca entro la fine dell'anno. Silver Elephant si aspetta di ricevere 2,5 milioni di dollari USA prima del 31 gennaio 2025, grazie all'accordo con Andean Precious Metals Corp. Il progetto Paca ospita una risorsa argentea ad alta legge, con risorse ossidate indicate di 800.000 tonnellate a 231 g/t di argento e risorse solfuree indicate di 1.810.000 tonnellate a 256 g/t di argento.
Silver Elephant Mining Corp. (SILEF) reportó un progreso significativo en su proyecto de plata Paca en Bolivia. La compañía extrajo 27,066 toneladas de materiales óxidos Paca en julio de 2024, con un grado promedio de 175.5 g/t de plata. Desde octubre de 2023, Silver Elephant ha extraído y enviado más de 154,800 toneladas de materiales óxidos que contienen plata, con un grado de 177.4 g/t de plata, produciendo un total de 836,243 oz de plata en los últimos 9 meses.
La empresa planea expandir las operaciones con la extracción de sulfuros de la fase uno de Paca antes de fin de año. Silver Elephant espera recibir 2.5 millones de dólares estadounidenses antes del 31 de enero de 2025, gracias a su acuerdo con Andean Precious Metals Corp. El proyecto Paca alberga un recurso de plata de alta ley, con recursos óxidos indicados de 800,000 toneladas a 231 g/t de plata y recursos de sulfuros indicados de 1,810,000 toneladas a 256 g/t de plata.
실버 엘리펀트 마이닝 코퍼레이션(SILEF)는 볼리비아 파카 은 프로젝트에서 중요한 진전을 보고했습니다. 이 회사는 2024년 7월에 27,066톤의 파카 산화 광물을 채굴했으며, 평균 등급은 175.5 g/t 은입니다. 2023년 10월 이후, 실버 엘리펀트는 154,800톤 이상의 은 함유 산화 광물을 채굴하고 선적하여 177.4 g/t 은 등급을 기록하며 지난 9개월 동안 총 836,243온스의 은을 생산했습니다.
회사는 올해 말까지 파카 1단계 황화물 채굴로 운영을 확장할 계획입니다. 실버 엘리펀트는 Andean Precious Metals Corp.과의 계약을 통해 2025년 1월 31일 이전에 250만 달러를 받을 것으로 예상하고 있습니다. 파카 프로젝트는 800,000톤의 231 g/t 은의 산화 자원과 1,810,000톤의 256 g/t 은의 황화 자원을 갖춘 고품질 은 자원을 보유하고 있습니다.
Silver Elephant Mining Corp. (SILEF) a signalé des progrès significatifs dans son projet d'argent Paca en Bolivie. L'entreprise a extrait 27 066 tonnes de matériaux oxydés de Paca en juillet 2024, avec un grade moyen de 175,5 g/t d'argent. Depuis octobre 2023, Silver Elephant a extrait et expédié plus de 154 800 tonnes de matériaux oxydés contenant de l'argent, avec un grade de 177,4 g/t d'argent, produisant un total de 836 243 oz d'argent au cours des 9 derniers mois.
L'entreprise prévoit d'élargir ses opérations avec l'extraction de sulfures de la phase un de Paca d'ici la fin de l'année. Silver Elephant s'attend à recevoir 2,5 millions de dollars américains avant le 31 janvier 2025, grâce à son accord avec Andean Precious Metals Corp. Le projet Paca abrite une ressource argentifère de haute qualité, avec des ressources oxydées indiquées de 800 000 tonnes à 231 g/t d'argent et des ressources sulfureuses indiquées de 1 810 000 tonnes à 256 g/t d'argent.
Silver Elephant Mining Corp. (SILEF) berichtete von erheblichen Fortschritten in ihrem Paca Silberprojekt in Bolivien. Das Unternehmen hat im Juli 2024 27.066 Tonnen Paca-Oxidmaterialien abgebaut, mit einem durchschnittlichen Gehalt von 175,5 g/t Silber. Seit Oktober 2023 hat Silver Elephant über 154.800 Tonnen silberhaltiger Oxidmaterialien abgebaut und versendet, mit einem Gehalt von 177,4 g/t Silber, was in den letzten 9 Monaten insgesamt 836.243 oz Silber produziert.
Das Unternehmen plant, die Aktivitäten bis Ende des Jahres mit dem Abbau von Sulfiden in Phase eins von Paca auszudehnen. Silver Elephant erwartet, bis zum 31. Januar 2025 2,5 Millionen US-Dollar aus seiner Vereinbarung mit Andean Precious Metals Corp. zu erhalten. Das Paca-Projekt verfügt über eine silberreiche Ressource mit angegebenen Oxidressourcen von 800.000 Tonnen bei 231 g/t Silber und angegebenen Sulfidressourcen von 1.810.000 Tonnen bei 256 g/t Silber.
- Consistent production of 1,000 tonnes per day over a 27-day work schedule in July
- Total silver production of 836,243 oz in the past 9 months
- Planned expansion with Paca phase one sulphide mining by year-end
- Expected revenue of US$2.5 million before January 31, 2025 from agreement with Andean Precious Metals
- High-grade silver resource with indicated oxide resources of 800,000 tonnes at 231 g/t silver
- None.
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces in July 2024, the Company mined a total of 27,066 tonnes of Paca oxide materials from its Pulacayo-Paca silver project with an average grade of 175.5 g/t silver ("Products") and trucked the Products to Andean Precious Metals Corp. ("Andean") in Potosi department in Bolivia. The Company has mined and shipped over 154,800 tonnes of silver-bearing oxide materials grading 177.4 g/t silver with no lost time incidents since Paca's operational start in October 2023.
John Lee, CEO of Silver Elephant commented: "In July, Silver Elephant produced consistently at 1,000 tonnes per day over a 27-day work schedule at the Company's Paca project in Bolivia while maintaining positive community relations with the Pulacayo township. Silver Elephant has contributed meaningful taxes and royalty revenues to the Bolivian government based on 836,243 oz silver production in the past 9 months to the end of July 2024.
Further, Silver Elephant is expanding its Paca operation with planned Paca phase one sulphide mining by year end (refer to the Company's news release dated July 8, 2024) which will generate further revenue."
| Paca Production by Month | ||
| Month | Tonnes | Grade g/t |
| Oct-23 | 4,502 | 244.9 |
| Nov-23 | 7,269 | 156.5 |
| Dec-23 | 19,704 | 144.9 |
| Jan-24 | 4,283 | 146 |
| Mar-24 | 15,809 | 176.6 |
| Apr-24 | 20,894 | 194.2 |
| May-24 | 26,003 | 180.6 |
| Jun-24 | 29,270 | 177.5 |
| July-24 | 27,066 | 175.5 |
| Total | 154,800 | 177.4 |
Pursuant to the sales and purchase agreement ("SPA") and master services agreement detailed in the news release dated September 12, 2023, Silver Elephant plans to sell and deliver up to 800,000 tonnes of Paca oxide materials to Andean for a total of between US
The Paca project hosts a high grade silver resource according to a technical report by Mercator Geological Services, dated effective October 13, 2020 titled "Mineral Resource Estimate Technical Report for the Pulacayo Project, Potosi Department Antonnio Quijarro Province Bolivia" (the "Technical Report"). The mineral resource estimate from the Technical Report is as follows:
| Paca | Zone | Category | Tonnes | Ag g/t | Ag Moz | Zn% | Pb % |
| Phase 1 | Oxide In Pit | Indicated | 800,000 | 231 | 5.9 | - | - |
| Inferred | 235,000 | 159 | 1.2 | - | - | ||
| Phase 2 | Sulfide In Pit | Indicated | 1,810,000 | 256 | 14.9 | 1.22 | 1.22 |
| Inferred | 190,000 | 338 | 2.1 | 0.61 | 0.98 |
Oxide resources are based on a Pit-constrained estimate using a 90 g/t Ag cutoff. Sulfide resources are based on a pit-constrained estimate using a 200 g/t Ag Eq cutoff. Ag Eq = Silver Equivalent (Recovered) = (Ag g/t*
The Technical Report was filed on October 26, 2020 and is available under the Company's profile on SEDAR+ at www.sedarplus.ca. This news release includes an estimate of mineral resources as disclosed in the Technical Report. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
About Pulacayo-Paca
The Paca project is part of the Company's Pulacayo project with a total indicated resource of 106.7 million oz silver, 1.4 billion pounds of zinc and 690 million pounds of lead published in the Technical Report and tabulated below. Silver Elephant and its subsidiaries have spent over
| Combined Pulacayo and Paca Indicated Mineral Resources | ||||
| Tonnes | Ag g/t | Pb % | Zn % | |
| Oxide | 2,185,000 | 155 | - | - |
| Sulfide | 45,855,000 | 65 | 0.69 | 1.37 |
Combined Indicated Mineral Resources includes Pulacayo pit-constrained and out-of-pit plus only Paca pit-constrained resources. Oxide resources use a 50 g/t Ag cutoff. Sulfide resources use a 100 g/t Ag Eq cutoff. Ag Eq = Silver Equivalent (Recovered) = (Ag g/t*
A subsidiary of Silver Elephant entered into a Mining Production Contract ("MPC") with Corporación Minera de Bolivia ("COMIBOL"), a branch of the Bolivian Ministry of Mining and Metallurgy on October 3, 2019. The MPC grants the Company's subsidiary an exclusive right to develop and mine at the Pulacayo and Paca concessions for up to 30 years.
The Pulacayo Project is at the center of a major silver mining district in Bolivia and is within 250 km driving distance to the San Cristobal mine, the Cerro Rico mine, Pan American's San Vicente mine, Eloro's Iska Iska project, and New Pacific's Silver Sands project.
Qualified Person
The technical contents of this news release have been prepared under the supervision of Carlos Zamora, who is not independent of the Company in that he is employed by it. Mr. Zamora is a qualified person as defined by the guidelines of NI 43-101.
About Silver Elephant Mining Corp.
Silver Elephant is a silver mining company, with its flagship Pulacayo-Paca silver project in production since October 2023 in Bolivia.
Further information on Silver Elephant can be found at www.silverelef.com.
SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
"John Lee"
CEO
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
info@silverelef.com
www.silverelef.com
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Such forward-looking information, which reflects management's expectations regarding Silver Elephant's future growth, results of operations, performance, business prospects and opportunities, is based on certain factors and assumptions and involves known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking information. Forward-looking information in this and other news releases includes, but not limited to, the expected amount and timing for delivery of Product to Andean, and expected timing and benefits of phase 2 sulphide production for the Paca project.
Forward-looking information involves significant risks and uncertainties, should not be read as a guarantee of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking information, including but not limited to: changes in operating plans; ability to secure sufficient financing to advance the Company's project; conditions impacting the Company's ability to mine at the project, such as unfavourable weather conditions, development of a mine plan, maintaining existing permits and receiving any new permits required for the project, and other conditions impacting mining generally; maintaining cordial business relations with strategic partners and contractual counter-parties; meeting regulatory requirements and changes thereto; risks inherent to mineral resource estimation, including uncertainty as to whether mineral resources will be further developed into mineral reserves; political risk in the jurisdictions where the Company's projects are located; commodity price variation; and general market, industry and economic conditions. Additional risk factors are set out in the Company's latest annual and interim management's discussion and analysis and annual information form (AIF), available on SEDAR+ at www.sedarplus.ca.
Forward-looking information is based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking information included herein. Readers are cautioned that all forward- looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking information in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219848
FAQ
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